At a time when recession fears and economic slowdown has been pushing companies to do mass layoffs, the Indian IT sector has been debating on another issue that had led to firings in some IT companies. It¡¯s moonlighting. From Wipro, HCL, Tech Mahindra, and Infosys to TCS, most IT giants have come forward to clear their stance on?moonlighting.
But despite the mass global layoffs and the moonlighting debate resulting in layoffs too, Infosys co-founder Kris Gopalakrishnan has given a ray of hope to job aspirants.
While speaking at the 25th edition of Bengaluru Tech Summit, Infosys cofounder Kris Gopalakrishnan said that the Indian IT industry will hire 2 lakh workers in the near term despite macro headwinds such as inflation and impending US recession, as per ET.
The three-day summit kicked off on Wednesday and will witness nine memorandums of understanding (MoUs) being signed and the launch of over 20 products. It will host more than 575 exhibitors, and startups from 16 states are participating.
"The Indian IT industry is expected to grow at 8-10% on a base of $220 billion dollars in revenue. The march of technology continues with AI/ML, blockchain, web 3.0, metaverse... this is the reason why I believe the industry will continue to grow," Gopalakrishnan said.
He also recently mentioned that layoffs are very short-term ups and downs in the market. I am very very optimistic about the future, as per The New Indian.
Infosys Co-founder Kris Gopalakrishnan also said that the IT industry will grow secularly as the companies are overcoming challenges like (in Bengaluru) return to office by opening smaller offices in Mysore, Mangaluru, Belgium and Hubli.
He reportedly lauded India's unique model of public digital infrastructure and private entrepreneurship like Unified Payment Interface (UPI) and Open Network for Digital Commerce (ONDC) saying it is the blueprint for faster development and access to services for citizens in developing economies.
Besides that he also pushed for policy interventions in areas of shared databases and data privacy and protection to "spur" innovation across the country.??
Also Read:?List?Of Global Giants Laying Off Employees
From tech giants Meta, Intel, and Microsoft, to Amazon, Goldman Sachs, Credit Suisse, Ford, Tesla and Twitter, mass layoffs have been happening globally in a lot of organizations in recent months.?
As far as India is concerned, many of the global layoffs, including Meta, Amazon and Twitter, have been affecting employees in India as well. Besides these global companies, many Indian firms have been laying off too, including Byju¡¯s, Meesho, Cars24, Unacademy etc.
And with both IMF and World Bank already warning about the rising possibility of a?recession in 2023, the fear of further layoffs has been mounting globally, and it remains to be seen how India¡¯s IT sector manages to hire lakhs of people amidst all this.
Also Read:?Google CEO Hints At?Layoffs
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